Market Overview
Food and Beverage (F&B) industry has always been one of the biggest industries. It can be segmented by distribution channels, for instance, supermarkets, hypermarkets, convenience stores, eCommerce and other channels. It can also be segmented by product categories, including alcoholic beverages, non-alcoholic beverages, grain products, bakery, confectionery, frozen food, canned food, dried food, dairy food, meat, poultry, seafood, syrup, seasonings, oils, general food and more. The exceptionally huge market size, notable growth rate, wide product range and impact on our daily lives, all represent the importance and business potential of the F&B industry.
Nowadays, food and beverage not only serve for necessary consumption but also lifestyle and enjoyment. The demand for fine food and premium beverage is increasing, especially among the people who are well-educated and have a higher level of disposable income. With people becoming more health and safety conscious caused by public education and the pandemic, products with strict quality control and certified by internationally agreed standards might take priority over other matters.
Meanwhile, eCommerce development is not a new phenomenon for the F&B industry. Online grocery shopping for food and beverage is popular in many large cities, reputable diners and retailers have also started cooperating with major eCommerce platforms to launch their online stores to attract potential customers for sales, as well as to bring their customers from online channels to physical stores. Online-to-Offline (O2O) business strategy is highly embraced.